Dollar Finds Support Mid-Week

• 30 Mar 2021

USD/JPY

The USD/JPY pair has broken the 109.54 resistance level, yet bullish momentum appears to be waning after the break. Despite this, significant bearish sentiment will be required to overcome a rally that has been established since mid-December 2020. Momentum indicators are bullish.

 

 

 

 

GBP/USD

The GBPUSD pair continues to hug the ascending trendline which now represents a significant support for the pair. Price action is also testing the 1.380 resistance area, yet a break has not materialised despite tests in the last two trading sessions. Momentum indicators remain in bearish territory.  

 

 

 

 

 

EURUSD

The Eurodollar has broken the 1.184 support level and has stalled mid-range before reaching the 1.170 price line. A downtrend has been well-established since the end of December. Momentum indicators are bearish with RSI touching the 30 oversold line. 

 

 

 

 

USDCAD

The USDCAD pair has broken the descending trendline which may be the first sign of a price reversal. Selling activity in yesterday’s trading subdued the attempted rally. The next target is the 1.263 resistance line. Momentum indicators are forming moderate upward trajectories.  

 

 

 

 

XAUUSD

XAUUSD has bounced back from the descending trendline, as selling activity began to rise in yesterday’s trading, reestablishing the trendline as a key resistance area. The next target will likely be the 1682 support level which represents the lower bound of the current trading range. Momentum indicators are bearish.

 

 

 

 

USOUSD

The USOUSD appears to be building bullish momentum and is heading towards the 63.35 resistance line. Significant bullish conviction will be required from buyers to return to the $66 per barrel range. Momentum indicators are neutral/bullish.

 

 

 

 

WS30

The WS30 has broken the 33,040 resistance area, yet bullish conviction appears to be weakening, indicating that the break may not be sustained. The ascending trendline will continue to act as a key support level. Momentum indicators have flattened in bullish territory.